Base Resources Ltd says Bumamani pre-feasibility study supports extension of Kwale mine life proactiveinvestors.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from proactiveinvestors.com.au Daily Mail and Mail on Sunday newspapers.
BASE RESOURCES LIMITED : - Updated Kwale South Mineral Resources and Ore Reserves marketscreener.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketscreener.com Daily Mail and Mail on Sunday newspapers.
BASE RESOURCES LIMITED - Quarterly Activities Report - March 2021
PR Newswire
Key Points
Kwale Operations maintained operational consistency through the quarter with health and safety protocols in place to minimise the risk of COVID-19 to personnel and surrounding communities.
Kwale Operations FY21 production guidance increased for both ilmenite and zircon.
Ilmenite and rutile prices trended upwards in the quarter, with higher zircon prices secured for the June quarter.
Kwale North Dune PFS completed, with a focused study on mining higher grade subsets of the North Dune and Bumamani deposits underway and due in mid-2021.
Discussions with the Government of Madagascar on Toliara Project fiscal terms continue to progress.
Peel Hunt has a 22p price target which suggests some 45% upside for the AIM-quoted share.
Stockbroker Peel Hunt repeated a ‘buy’ recommendation for Base Resources Plc (LON:BSE) whilst pointing to the company’s stronger-than-expected production results for the March quarter.
Analyst Peter Mallin-Jones noted that the stronger performance was driven by both higher mining rates and grades, as well as slightly higher-than-expected recoveries of ilmenite in particular.
With a price target of 22p the stockbroker sees some 45% upside to the current price of 15.17p.
Mallin-Jones said that ilmenite and rutile volumes were well ahead of the broker’s own estimates, meanwhile, added that realised prices were also “well ahead”. Altogether this helped the company retire debt as Peel Hunt had previously expected, he added.